Predefined settings in Wrapfig

Predefined settings in Wrapfig

I would like to use:
\begin{wrapfigure}{r}[Xcm]{Ycm}
\itshape
\SomeSymbolHere\\
\fontsize{16}{16}
\textbf{bla bla bla.}
\end{wrapfigure}
many times within my document, preferably writing something like
\mywrap{bla bla bla.}. I guess I somehow have to invoke the \renewcommand
as well. According to the documentation 1 page 3 , we should be able to
implement some of it:
\setlength{\wrapoverhang}{\marginparwidth}
\addtolength{\wrapoverhang}{\marginparsep}
This doesn't work for me, however. But how do I add all of the
abovementioned settings?